Yesterday, on the Daily Charts, NIFTY made a Long Black Candlestick. A flat opening with the positive bias of almost 12-15 points was witnessed, with majority of the Index stocks trading in green territory. Sectors like BANKING & FINANCE, AUTO, SHIPPING and REALTY & INFRA witnessed good buying interest. NIFTY made a high of 5976.65. A much muted session was witnessed after the morning half and till the last hour of trading session. In the eleventh hour of trading, strong selling pressure was witnessed with LICHSGFIN dipping continuously UP TO 20%. NIFTY knocked the day’s low of 5833.60 with BANKING & FINANCE and REALTY & INFRA Stocks crashing severely (almost 5-20%). CBI raids in connection with alleged multi-crore housing loan scam pulled down finance and realty shares for the day. NIFTY ended the session at 5865.75.
Net Selling of Rs. 473.31 Crore in Cash Segment and of Rs. 195.94 Crore in F&O Segment by FIIs was witnessed on Wednesday’s Trading Session.
In F&O Segment Net Selling of Rs. 481.96 Crore and Rs. 17.39 Crore in Index Futures and Stock Options was witnessed, whereas Net Buying of Rs. 45.33 Crore and Rs. 258.08 Crore was witnessed in Index Options and Stock Futures.
NIFTY NOV FUTURE ended in discount of 5.85 points to NIFTY Spot on Wednesday.
Technically speaking, NIFTY again broke its important support of 5880 on closing basis and the level of 5850 in intraday. A volatile session prior to the F&O Expiry was witnessed, which can be very well termed as Profit Booking. Each day NIFTY is breaching its important support levels, hence, traders are suggested to trade cautiously in the markets and investors are suggested to avoid investing heavily at his time in the markets.
On the Economic Front, none of the economy has any crucial data to be announced, except Japan, which will be announcing its Consumer Price Index for the month of October. US will be witnessing a trading holiday on account of Thanksgiving Day.
NIFTY is trading below its 20-Days EMA (Exponential Moving Average) of 6071.10 and the 50-Days SMA (Simple Moving Average) of 6054.51. Both the Moving Averages have crossed each other, with short term moving average crossing the long term moving average from upside. The next important support levels lie at 5725.
MACD (Moving Average Convergence Divergence) has entered into negative territory now. But at the same time, RSI (Relative Strength Index) reverted from the overbought zone. Traders are suggested to trade cautiously in the markets, as markets have surpassed all the major resistances and have entered in the Over Bought Zone.
For the day, intraday resistance for NIFTY comes at 5880 / 5920 / 5965 levels. At the same time, 5820 / 5780 / 5740 will act as major intraday support levels.
What does Indicators Say?
- RSI (14 Days & 9 Days): The values are 38.84 and 45.23, respectively, showing a negative crossover.
- MACD (26 Days & 12 Days): Their Values are -33.38 and 16.90, respectively. a negative crossover is indicated by both the Moving Averages.
- +DI: 12.36, -DI: 28.58, ADX: 26.39 The Positive Directional Index has gained strength over the Negative Directional Index and also the Average Directional Index is above 20, indicating the development of strength in the current trend.
- SMA (50 Days) & EMA (20 Days): The values of these two indicators are 6054.51 and 6071.10.
No comments:
Post a Comment